Why Are Tron and BNB Chain Facing New Questions?

Iran’s largest crypto exchange, Nobitex, has processed at least $2.3 billion since 2023 through Tron and BNB Chain, according to Reuters analysis of public blockchain data from Arkham. The flows place 2 major blockchain networks at the center of renewed questions over sanctions exposure, crypto compliance, and the political overlap between digital asset businesses and US power.

Tron was established under crypto billionaire Justin Sun, while BNB Chain was developed by Binance, the exchange owned by Changpeng Zhao. Reuters reported that Nobitex processed more than $2 billion on Tron since January 1, 2023, and at least $317 million on BNB Chain over the same period.

The data matters because Nobitex has been used by sanctioned Iranian institutions as well as ordinary citizens. Reuters previously found that users included Iran’s central bank and the Islamic Revolutionary Guard Corps. Both the bank and the IRGC are under Western sanctions.

The flows continued during the US and Israeli war against Iran. Since the conflict began in February, at least $22.6 million in crypto moved through Nobitex on BNB Chain, while at least $550,000 moved via Tron, according to Reuters.

How Does This Connect to Trump’s Crypto Venture?

The political sensitivity comes from the links between these networks’ backers and World Liberty Financial, the crypto firm co-founded by President Donald Trump and his family. Sun and Binance were both prominent backers of World Liberty, giving the startup credibility during its early stages.

Reuters said there is no suggestion that the Trump family knew of Nobitex’s use of Tron and BNB Chain. Still, the transactions show how crypto networks can create difficult overlaps when the same industry figures are tied to both sanctioned financial activity and politically connected ventures.

John Reed Stark, a former chief of the Securities and Exchange Commission’s Office of Internet Enforcement, called the situation a “dramatic irony.” He said, “The entities doing crypto financing through these platforms are the very ones that the president is trying to defeat in the war.”

The White House rejected the link. “Reuters’ bizarre attempts to link President Trump to Iran’s banking system are totally laughable,” White House spokeswoman Anna Kelly said. A World Liberty spokeswoman said the company has no relationship with Nobitex and follows US law. “World Liberty does not own, operate, or control Tron in any way, and has no authority over transactions conducted on it,” she said.

Investor Takeaway

The issue is not only whether Tron or BNB Chain directly controlled the flows. The larger risk is that public blockchains tied to major crypto brands can become channels for sanctioned activity, raising compliance, reputation, and political risk for exchanges, token issuers, and investors exposed to those ecosystems.

What Do Binance and Tron Say About Network Control?

Binance and BNB Chain pushed back against any suggestion that Binance operates the blockchain. BNB Chain spokeswoman Ana Nicoara told Reuters, “BNB Chain is a public, permissionless blockchain maintained by an independent global community of validators.” She added, “It is not an exchange, not a company, and not Binance.”

A Binance spokesperson said the firm was “an initial contributor and incubator” of BNB Chain and provided early operational support. The spokesperson said operations and intellectual property of the BNB Chain website were transferred in 2023 to BNB Chain Technology Holding Limited.

Reuters reported, however, that corporate records from Abu Dhabi show ongoing ties between Binance and BNB Chain Technology. The filings showed Zhao, Binance’s founder and majority shareholder, as the company’s only listed shareholder.

Tron also distanced itself from direct transaction oversight. A Tron spokeswoman said it is a technology provider and cannot “monitor and investigate every user and every transaction” or prevent their trading. She said Sun helped create an initiative that works with law enforcement and has frozen “hundreds of millions” in funds, including money “tied to sanctioned entities and terror financing.”

Why Stablecoins and Public Ledgers Matter for Sanctions Risk

The Nobitex case shows why stablecoins and public blockchains are now central to sanctions enforcement. Crypto exchanges allow users to trade assets, while blockchains such as Tron and BNB Chain record wallet activity and token transfers. These networks host stablecoins such as tether, which can move dollar-linked value outside traditional bank rails.

Iran’s central bank bought more than $500 million of tether via Tron between November 2024 and June 2025, according to a report by Elliptic and 2 Iran specialists cited by Reuters. Around $347 million of that total was sent to Nobitex using Tron in the first 6 months of last year.

Analysts told Reuters the true volume was likely higher because public data only captures wallet addresses known to belong to Nobitex. The exchange has publicly said it changes addresses to make tracing and intercepting transfers harder.